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Quayside Tower in Birmingham acquired by Chinese property investors25th November 2013

Birmingham's Quayside Tower in Broad Street has been acquired by Chinese investorsBirmingham's Quayside Tower in Broad Street has been acquired by a joint venture between Chinese private equity firm, Peng Global Holdings Limited and a private investor from China, who intend to make some substantial improvements to the 17-storey property.

The purchase of Quayside Tower represents something of a departure from Peng Global Holding’s usual approach, as this is not only their first purchase of an office building but also the first time they have bought outside the capital.

Up to now, Peng Global Holdings has focused on the London residential markets but the Chinese private equity company was alerted to the possibilities of Quayside and followed up with a visit by Cherry Peng of Peng Global Holdings who said: “This is a great opportunity to provide flexible office accommodation of a high standard in a vibrant part of the city, close to everything Birmingham has to offer.

“Birmingham benefits from many of the same factors that makes London so attractive but the market is still relatively untapped by overseas investors. We feel there are more good investment opportunities to be had in the city, offering growth in both yield and capital values in the short and long terms. Peng Global Holdings may be the first Chinese company to invest in Birmingham, but expect more to follow.”

Peng Global Holdings Ltd is an independent private equity firm specialising in the UK real estate industry. Their number one priority is to help clients invest wisely and create value and the firm believes Quayside fits the bill perfectly as it reflected an attractive net initial yield and provides an opportunity to add value by implementing an active asset management strategy.

Cherry Peng is enthusiastic about the purchase: “We have been considering suitable investments in regional cities and Birmingham seems the natural choice for us. I had a positive feeling about the building as soon as I entered and, as new owners, we look forward to incorporating our heritage in the design of a bright new foyer.

“Any business taking space in Quayside will benefit from great space in a great building located in an energetic part of the city.”

With a total of nearly 100,000 sq ft of flexible office space in the building, and 36,000 sq ft of retail units at ground level, each available floor of over 6,300 sq ft can be let as a whole or divided to provide self-contained suites from c. 2,320 sq ft.

Originally constructed in 1966, Quayside Tower was comprehensively refurbished, including complete re-cladding, to a high quality specification ten years ago. Current occupiers include HIBU (UK) Limited, Regus, Signalling Solutions and Broad Street Partnerships.

The reception area is set to be completely remodelled and refurbished while major improvements to the building’s entrance will make it more accessible and practical for staff and visitors alike. New facilities for cyclists will also be provided to encourage more sustainable means of travel.

Peng Global Holdings Limited is being advised by Matt Long of Colliers International and Jonathan Carmalt of Jones Lang LaSalle who are also managing the property.

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